BUSINESS China's NEV storage battery sector sees recovery

BUSINESS

China's NEV storage battery sector sees recovery

CGTN

05:51, April 12, 2020

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(Photo: VCG)

China's output of storage batteries to power new energy vehicles (NEV) in March skyrocketed 396.6 percent from the previous month amid work resumption, industry data has shown.

The output stood at 4.5-gigawatt-hours, which still dropped 45.5 percent year on year due to the COVID-19 outbreak, according to the China Association of Automobile Manufacturers (CAAM).

In March, the installed capacity of the batteries came in at 2.8-gigawatt-hours, surging 363.2 percent month on month and declined 45.6 percent from the same period last year, showed the data.

The country's NEV market also saw a recovery with the output and sales climbing 381.6 percent and 301.3 percent from last month to about 50,000 and 53,000 units, respectively, the CAAM data showed.

During the first quarter, China's NEV production and sales amounted to 105,000 units and 114,000 units, down 60.2 percent and 56.4 percent, respectively, year on year.

To promote the development of the domestic NEV market, China has been strengthening the construction of charging facilities and loosening market access requirements for NEV manufacturers.

By the end of last year, the number of NEVs had reached 3.8 million.


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